The group, a former scratch-and-win syndicate, had promoted its online scam under the name of ‘i-Rakyat Trade’ through Facebook which began operating between March and June this year luring susceptible victims by offering non-existent high investment yields as much as 13 times in the so-called international oil and gas industry.
Police successfully zeroed in on the syndicate’s activities and made the arrests following reports lodged by victims. 10 suspects, including a woman, were aged between 19 and 31, and are currently under police remand. Several luxury vehicles were also seized during the raids as well as electronics, jewelry and foreign currencies.
The investment scam comprised four package tiers with varying starting capital and returns. The lowest tier guaranteed a return of RM10,800 within two days with a capital of RM800 while the highest tier guaranteed a return of RM54,000 within two days with a capital of RM4,800.
The syndicate also offered lucky draw prizes such as luxury vehicles, tour packages and electrical appliances to entice would-be investors.
Police claimed that 672 police reports involving syndicated investment scams amounting to RM93.7 million in losses were received between January 1 and July 15 this year. Of the 672, 467 involved online investment scams amounting to RM52.4 million in losses.
A total of 13 online investments have been identified as scams to date by the police which include IQ Option, Olymp Trade, i-Rakyat Trade, Global Investment, Wei Jian Zhi, AA Anthony, Global Trader, People Global Network, Rakuten Trade, Wine Exchange China, GWFX Global, Private Investment Trade Dubai and London Stock Exchange.
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